More oil, nuclear power and wind: How the UK plans to tackle the energy crisis

Unveiling its new Energy Security Strategy on Wednesday, the government set out plans to generate 95% of Britain’s electricity from low carbon sources by 2030.

“[The plan] will be central to weaning Britain off expensive fossil fuels, which are subject to volatile gas prices set by international markets we are unable to control,” the government said in a statement.

Under the new strategy, the government will speed up construction of offshore wind farms by reforming planning laws — and hopes they can generate enough electricity to power every home in the country by 2030.

The government also aims to build as many as eight nuclear reactors over the next decade. It hopes nuclear energy can supply a quarter of UK electricity by 2050.

France’s EDF, which operates six nuclear plants in the United Kingdom and is the lead investor in a new nuclear power station due to come online in 2026, welcomed the announcement.

“Building more new nuclear will reduce Britain’s dependence on overseas gas and keep energy prices stable,” Simone Rossi, EDF Energy UK’s CEO said in a statement.

But fossil fuels are getting a new lease of life. Government plans include a licensing round later this year for more oil and gas drilling in the North Sea, based on “the importance of these fuels to the [energy] transition and to [the UK’s] energy security,” the government said.
Soaring gas and electricity prices have left millions of people facing the worst cost-of-living crisis in 30 years. The country’s energy regulator, Ofgem, lifted its price cap — the maximum suppliers can charge customers per unit of energy — by a whopping 54% at the start of April, raising energy bills for about 22 million households to around £2,000 ($2,616) a year.

The cap is likely to go even higher in October, piling more pain on consumers.

Quoted from Various Sources

Published for: The Bloggers Briefing